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I owe 89000 on a home worth about 110,000. The home is in Tennessee. I had to relocate to Utah, and rent this home out. Could I get a second mortgage to consolidate some bills? How much could I get?

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Icon Mini Profile jbutterfield19





Joined: 17 Aug 2009

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Post Posted: Mon Aug 17, 2009 11:42 am    Post subject: I owe 89000 on a home worth about 110,000. The home is in T
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I owe 89000 on a home worth about 110,000. The home is in Tennessee. I had to relocate to Utah, and rent this home out. Could I get a second mortgage to consolidate some bills? How much could I get?...Owe 89,000.
Home worth about 110,000.
Icon Mini Profile Jimmymackin





Joined: 17 Aug 2009

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Post Posted: Mon Aug 17, 2009 12:20 pm    Post subject: Cash out on Investment properties
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The simple answer is no. It far exceeds today's underwriting tolerances for cash-out refinances.

I would compare personal loans to see if that is a good fit
Icon Mini Profile Realgeni





Joined: 13 Apr 2009

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Post Posted: Mon Aug 17, 2009 7:41 pm    Post subject:
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jbutterfield19

Welcoem to the forum

You need to have some equity in the house for you to take a equity loan

As of now it does not look like you will be able to get that secodn loan

Good luck and feel free to ask
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